Centerspace (CSR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+336.3%

$261.61

vs $59.96 price

Levered DCF

$113.36

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.35

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2017
P/E	65.41×	-52.09×	21.96×	-59.26×	-48.85×	-36.98×	17.51×	5.48×
P/B	1.54×	1.53×	1.2×	1.2×	1.92×	1.4×	1.34×	1.04×
P/S	3.16×	3.93×	3.34×	3.48×	7.59×	4.99×	4.58×	3.77×
EV / EBITDA	11.67×	15.06×	9.43×	15.58×	19.15×	14.55×	7.72×	15.38×
Gross margin	3.0%	56.9%	55.9%	53.8%	55.1%	55.6%	54.5%	53.7%
Operating margin	29.2%	7.8%	32.3%	5.4%	14.8%	19.0%	6.1%	-14.0%
Net margin	5.0%	-4.1%	16.1%	-5.2%	0.3%	2.9%	26.2%	68.8%
Current ratio	0.27×	0.49×	0.32×	0.16×	0.71×	0.22×	0.87×	0.17×
Debt / equity	1.41×	1.42×	1.26×	1.35×	1.07×	1.13×	1.02×	1.15×
Interest coverage	2.32×	0.55×	2.32×	0.42×	0.93×	1.16×	0.37×	-0.69×
Dividend yield	4.6%	5.0%	5.8%	5.8%	3.0%	4.8%	4.7%	5.1%
Payout ratio	293.2%	-479.5%	121.1%	-382.6%	7455.8%	830.8%	82.4%	28.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2017
Return on equity	2.4%	-1.6%	5.8%	-1.8%	0.1%	0.8%	7.7%	19.0%
Return on invested capital	5.5%	1.1%	4.5%	0.7%	1.6%	2.4%	0.8%	5.4%
Return on assets	0.9%	-0.6%	2.2%	-0.7%	0.0%	0.3%	3.5%	8.2%
Free cash flow yield	5.8%	4.1%	3.5%	4.0%	3.1%	3.5%	5.7%	4.5%
Earnings yield	1.6%	-1.0%	4.8%	-1.5%	0.0%	0.6%	5.7%	18.3%
Enterprise value	$2.1B	$2B	$1.8B	$1.9B	$2.4B	$1.6B	$1.5B	$1.3B
Net debt / EBITDA	5.54×	7.22×	4.81×	8.22×	6.71×	6.51×	3.26×	7.99×
Cash conversion cycle (days)	30	36	-188	9	91	65	66	-160